Danfoss Employees Credit Union
- Assets
- $3.0m
- Revenue
- $138.6k
- Investments
- $0.0
- Employees
- 1
- Location
- Eden Prairie, MN
- Founding
- 09/1944
- Data as of
- 12/2021
- EIN
- 41-6036331
Organization Overview
Danfoss Employees Credit Union is located in Eden Prairie, MN. The organization was established in 1944. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Danfoss Employees Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, Danfoss Employees Credit Union generated $138.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (7.3%) each year. All expenses for the organization totaled $138.5k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (8.2%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
MEET OUR MEMBERS' NEEDS BY PROVIDING SERVICE WITH A PERSONAL TOUCH, CULTIVATING CLOSE RELATIONSHIPS, OFFERING FINANCIAL GUIDANCE, AND SAFEGUARDING OUR MEMBERS' ASSETS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE OPENED NO NEW DEPOSIT ACCOUNTS IN 2021. AS OF 12/31/21 WE HAD 361 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 51 NEW LOANS TO OUR MEMBERS DURING 2021. AS OF 12/31/21 WE HAD 216 LOANS TO OUR MEMBERS.
THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE OPENED NO NEW DEPOSIT ACCOUNTS IN 2021. AS OF 12/31/21 WE HAD 361 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 51 NEW LOANS TO OUR MEMBERS DURING 2021. AS OF 12/31/21 WE HAD 216 LOANS TO OUR MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ann Healey-Allen President/ce | Officer | 40 | $61,900 |
Jennifer Huffman Treasurer | OfficerTrustee | 0.25 | $0 |
Brad Himle Vice Chair | OfficerTrustee | 0.25 | $0 |
Peter Lauer Secretary | OfficerTrustee | 0.25 | $0 |
Steve Zumbusch Chairman | OfficerTrustee | 0.5 | $0 |
Brad Diekmann Director | Trustee | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $134,044 |
| Investment income | $4,206 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $362 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $138,612 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $61,900 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $85 |
| Payroll taxes | $4,848 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,765 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $53,418 |
| Information technology | $5,480 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $160 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $102 |
| Insurance | $6,133 |
| All other expenses | $0 |
| Total functional expenses | $138,546 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $177,890 |
| Savings and temporary cash investments | $1,235,277 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,550,646 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,121 |
| Net Land, buildings, and equipment | $921 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $24,500 |
| Intangible assets | $0 |
| Other assets | $27,266 |
| Total assets | $3,017,621 |
| Accounts payable and accrued expenses | $16,480 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,736,597 |
| Total liabilities | $2,753,077 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $264,544 |
| Total liabilities and net assets/fund balances | $3,017,621 |
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|---|---|---|
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